Toncoin is witnessing bullish sentiment for the first time after the recent price plunge amid declining whale transactions.

According to data provided by IntoTheBlock, the bullish sentiment around Toncoin (TON) has increased over the past 24 hours. 

TON recorded a 4.7% surge in the past 24 hours and is trading at $5.6 at the time of writing. The asset’s market cap surpassed the $14 billion mark, overtaking Tron (TRX) to become the ninth-largest cryptocurrency.

The native token of The Open Network saw a 99% increase in its daily trading volume, reaching $1.3 billion.

Toncoin took a deep dive from $6.8 to $5.3 on Aug. 25 when Pavel Durov, the founder and CEO of Telegram, was arrested at an airport near Paris. Per a crypto.news report on Aug. 28, Durov faced six charges including terrorism and child abuse content, and is under supervised release.

Data from ITB shows that the number of whale transactions consisting of at least $100,000 worth of TON declined from 2,100 on Aug. 26 to 864 on Aug. 28 as the bearish momentum around the asset showed signs of a cooldown.

Moreover, the number of TON tokens in retail addresses — holding less than 0.1% of the asset’s supply — increased from 438 million to 591 million coins, marking a new all-time high. 

At this point, the Toncoin whale concentration has declined by 3%, dropping to 88% of the total supply.

On Aug. 27, the number of TON daily active addresses reached an ATH of 2.23 million unique wallets with 43.82 million non-zero addresses.